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Calculate amount of cash received arising from assignment

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Question: On December 1, 2018 Iris Company assigned P1,500,000 of accounts receivable to Goo Company as a security for a loan of P900,000 which carries an interest rate of 10%. Iris Company charged a 0.5% commission on the amount of the loan. During December, Iris Company collected P220,000 on the assigned accounts after deducting discounts P1,500 of discounts. Iris Company accepted returns of P2,700 and wrote off assigned accounts totaling P3,000

The amount of cash received arising from the assignment of the receivable is?

Reference no: EM132756226

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